Rovi has sold its DivX and MainConcept businesses to Parallax Capital Partners and StepStone Group in a cash and stock deal valued at up to $75m

Under the terms of the deal, Rovi will receive an initial payment of $52.5m, and may receive up to three earnout payments over the next three years that could add another $22.5m to the transaction price. Any earnout payments will be based on the achievement of upon certain milestones agreed by the parties in the transaction.

Rovi had previously its intention to sell the DivX and MainConcept before the end of the second quarter of 2014 as part of a strategic effort to focus on growth opportunities related to its core entertainment discovery technologies and services.

“The sale of DivX was the last of a number of significant steps we’ve taken over the past year to realign the organization for sustainable, long-term growth and I’m pleased we met our commitment to complete this transaction, and did so ahead of schedule,” said Thomas Carson, President and CEO, Rovi Corporation.